Mitsubishi UFJ Asset Management Co. Ltd. Acquires 18,660 Shares of Reddit Inc. $RDDT

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Reddit Inc. (NYSE:RDDT) by 19.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 115,934 shares of the company’s stock after buying an additional 18,660 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of Reddit worth $26,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Resona Asset Management Co. Ltd. boosted its holdings in Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after buying an additional 10,743 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares in the last quarter. Optimize Financial Inc acquired a new stake in shares of Reddit in the third quarter worth approximately $1,420,000. WT Asset Management Ltd purchased a new stake in shares of Reddit during the third quarter worth approximately $92,973,000. Finally, Plato Investment Management Ltd raised its stake in Reddit by 120.2% in the 2nd quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock valued at $446,000 after purchasing an additional 1,621 shares during the last quarter.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the sale, the insider owned 62,608 shares of the company’s stock, valued at $13,849,515.68. This trade represents a 46.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sarah E. Farrell bought 43,800 shares of Reddit stock in a transaction on Tuesday, February 10th. The stock was acquired at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the transaction, the director directly owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 431,084 shares of company stock valued at $91,126,289 in the last ninety days. Company insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Robert W. Baird set a $200.00 price target on shares of Reddit in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, February 6th. Finally, China Renaissance initiated coverage on Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

Reddit Price Performance

Shares of RDDT stock opened at $145.31 on Monday. The company has a market capitalization of $27.76 billion, a PE ratio of 55.46, a price-to-earnings-growth ratio of 1.06 and a beta of 2.17. The firm’s 50-day moving average is $195.79 and its two-hundred day moving average is $210.99. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business’s revenue was up 69.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 EPS. Sell-side analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.